The main legal point established is the court's authority to order the dissolution of a company in liquidation in accordance with section 481 of the Companies Act, 1956.

JUDGMENT

Aparesh Kumar Singh, J. – Today, stage has reached where Official Liquidator has proposed the dissolution of the Company in liquidation in terms of the provisions of section 481 of the Companies Act, 1956. A report to that effect dated 03.01.2018 has been furnished, which is kept at Flag-46.

2. The chronology of events needs to be briefly recapitulated hereunder: At the outset, it is to be noted that the instant liquidation proceedings were initiated at the instance of the Board for Industrial and Financial Reconstruction (BIFR) as the revival of the Company failed. By order dated 19.03.2010 passed by one of my predecessor Hon''ble Mr. Justice R.K. Merathia, J, the Company was directed to be wound up. Necessary compliance in terms of the Company (Court) Rules, 1959 were made by the Official Liquidator by publication in two Dailies in terms of the said order in Form-53. By order dated 21.05.2010, the Official Liquidator was permitted to file a report for valuation of the assets of the Company in consultation with the representatives of the ex-management with notice to the secured creditors. Other incidental directions were also issued to meet travel, supervision expenses, security of the assets of the Company. Mr. Kameshwar Kumar Mittal was appointed as Valuer and asked to submit a report on the assets of the Company in a sealed cover by order dated 09.07.2010. Thereafter, the sale notice was issued for auction of the entire assets of the Company i.e. land with leasehold right and other movable and immovable assets by order dated 26.11.2010. In the meantime, the only secured creditor ICICI Bank Ltd. through Kotak Mahindra Bank Ltd., its assignee, submitted its claim statement which was adjudged as Rs. 76,57,95,974/-. M/s Vijeta Projects & Infrastructure Ltd. got substituted in place of the secured creditor as its successor-ininterest by order dated 07.01.2011. Four offers were received during the auction which took place on 28.01.2011. The highest bid being 4.25 crores was offered by Arun Kumar Gupta. However, the highest bid was settled after further enhancement of Rs. 4.35 crores in favour of Arun Kumar Gupta and the sale was confirmed in his favour by order dated 01.02.2011. The Official Liquidator was permitted to convey the property in favour of M/s Nilambar Trexim & Credit Pvt. Ltd., 94 N.S. Road, Bujbuj, 24 Paragna, West Bengal whose authorized signatory was Arun Kumar Gupta. The Official Liquidator was also directed to disburse the amount to the secured creditor. On 01.04.2011, the Official Liquidator informed about the pendency of a case at Labour Court with regard to the validity of the lock out. A proposal was made to divide proportionately the amount for interim payment to the secured creditors keeping provisions for the claim of the workmen. The Official Liquidator was permitted to inform the Bihar State Pharmaceuticals and Chemicals Development Corporation Limited to take away its generator lying in the factory premises within one month at his own cost. By order dated 15.04.2011, the Official Liquidator was permitted to shift the books and records of the Company under liquidation to the Record Room from its factory premises. He was also permitted to disburse the interim amount of Rs. 3.35 crores in terms of order dated 01.04.2011 directly to the secured creditors on their furnishing undertaking that excess payment, if any, will be returned. The Official Liquidator admitted the claim of the Employees'' Provident Fund Organization in full to the extent of Rs. 23,68,772/- as secured claim which was taken note of in the order dated 16.09.2011. In the meantime, the Official Liquidator submitted the annual statements in respect of the Company which was taken on record by order dated 25.11.2011. Statement relating to the affairs of the Company prior to liquidation was also taken on record by order dated 27.04.2012. Report of the Official Liquidator dated 31.10.2012 containing the auditors report has been referred